Cardinal Resources plc
11 October 2005
CARDINAL RESOURCES PLC GRANTS SHARE OPTIONS
LONDON - Tuesday, 11th October 2005
Cardinal Resources plc (AIM:CDL), an independent oil and gas exploration and
production company, today announces that its Board of Directors has granted
share options to Directors and employees in recognition of the progress Cardinal
has made on executing its strategy to increase the Company's asset base in
Ukraine, as set out at the time of its admission to AIM.
Directors and employees will have the right to purchase up to an aggregate of
2,330,000 ordinary shares at an exercise price of 32p per ordinary share,
exercisable until 11th October 2010. The average closing price of Cardinal's
shares for the previous three business days was 30p. The options vest as to 1/3
on 11th October 2006, 2007 and 2008. The options have been granted in accordance
with the terms and conditions of the existing Share Option Scheme approved by
shareholders on 9th March 2005.
The number of options granted to Cardinal's Directors is detailed below. The
remaining options have been granted to seven additional employees. Cardinal will
continue to issue options to motivate employees and ensure that they participate
in the value enhancement of the Company along with its shareholders.
Director Number of Options
Robert J. Bensh
Chairman and Chief Executive Officer 600,000
Charles C. Green
Vice-Chairman and Chief Financial Officer 400,000
Jonathan C.R. Morley-Kirk
Non-Executive Director 30,000
David F. Phillips
Non-Executive Director 30,000
Marcus J.G. Stanton
Non-Executive Director 30,000
Before the current grants, a total of 8,325,000 options were held by Directors
and employees under the existing scheme.
Cardinal Resources plc
Cardinal Resources plc is an independent oil and gas exploration and production
company with assets in Ukraine. Cardinal is an experienced operator with
near-term opportunity to significantly expand existing operations through
farm-ins or acquisitions of additional oil and gas assets accretive to reserves
and production.
Contact:
Kate Spiro
Director, Investor Relations
kspiro@cardinal-uk.com
+44 (0) 20 7936 5258
This information is provided by RNS
The company news service from the London Stock Exchange
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